ADP report showed 163k growth in private sector jobs in August, below expectation of 188k. Ahu Yildirmaz, vice president and co-head of the ADP Research Institute said in the relesaed that “although we saw a small slowdown in job growth the market remains incredibly dynamic”. And, “midsized businesses continue to be the engine of growth, adding nearly 70 percent of all jobs this month, and remain resiliant in the current economic climate.”
Also, Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is hot. Employers are aggressively competing to hold onto their existing workers and to find new ones. Small businesses are struggling the most in this competition, as they increasingly can’t fill open positions.”
